Tag Archives: insurance

Are You Actually Covered? It’s Time to Evaluate Your Group Disability Insurance

If your company provides Employee Benefits, there’s a good chance you’re enrolled in a Group Disability Insurance plan. At CorpStrat, we’ve been in business for over three decades and have designed benefit programs for numerous companies from every industry under the sun. We’ve observed a common trend: many Group Disability programs are neglected and outdated. Many are auto-renew year over year without anyone taking a closer look. What many employers don’t realize is failing to regularly review and update your plan can leave your employees unprotected and put your company at risk of financial exposure.

Here’s why it’s crucial to reassess your plan:

1. Adaptation to Changing State Disability Limits

State disability limits have evolved over time, and it’s essential for companies with small group disability programs, particularly Short Term Disability (STD), to adjust accordingly. Failing to do so can result in over or underpayment of benefits, putting both employees and employers at risk. Regular reviews and updates ensure alignment with current regulations and prevent any financial discrepancies.

2. Addressing High-Income Individuals:

Most Group Disability plans come with limitations that may not adequately cover individuals earning $150,000 or more annually. If you’re a high-income earner who assumes you’re adequately insured, think again. Many plans cap out, leaving affluent employees vulnerable in the event of disability. Employers need to explore options to ensure comprehensive coverage for all employees, regardless of income level. This will help mitigate financial risks and provide peace of mind.

3. Reviewing Changes in Rates and Providers:

Rates for Group Disability plans fluctuate over time. These rates are influenced by various factors such as economic conditions and insurance provider policies. It’s imperative for companies with plans under providers like Unum, Principal, Provident, or others to periodically reassess their rates and coverage options. Failing to do so may result in missed opportunities for cost savings or better coverage. Regular reviews enable businesses to stay informed about changes in the market and make informed decisions to optimize their Group Disability insurance benefits.

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In conclusion, Group Disability insurance is a critical component of Employee Benefits, second only to medical insurance. Neglecting to review and update your plan can leave your employees vulnerable and expose your company to financial risks. By staying proactive and regularly assessing your Group Disability insurance, you can ensure comprehensive coverage that meets the evolving needs of your workforce.

At CorpStrat, we want to guide you through this process to help you secure the best possible protection for your employees and your business. Don’t overlook this vital aspect of your benefits package—reach out to us today for expert assistance.

Ensure That Your California Business Is Compliant

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Proposed HR Compliance Laws

California law makers are currently reviewing several proposed laws that effect employers of all sizes (and not necessarily in a good way.) The following laws are likely to become effective within the next 12 months.

Paid Sick Leave Expansion (AB 2841) – This bill would expand the current paid sick leave law on the books per county to 10 days (80 hours) of paid sick leave.

Employment Protection for Medical Marijuana Users (AB 2069) – This bill would amend the Fair Employment and Housing Act to make it an unlawful employment practice for an employer to take adverse action against an applicant or employee. All because of a positive drug test for marijuana (by a medical marijuana cold holder) or because of one’s status as a medical marijuana card holder.

[An employer may still discipline an employee for being under the influence while working or being on the employer’s property. Key change relates to the area of employee accommodations. Exceptions would be made from employers who would lose a license or monetary benefit under federal law.]

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California Based Company Finds Outsourced HR Support Invaluable With CorpStrat HR

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Kermisch & Paletz LLP is an established litigation and family law firm with over 30 years combined expertise in the areas of family law, civil litigation, immigration, mediation, and appeals. Their unique team approach to law, even in practice areas that are traditionally left to sole practitioners allows them to deliver the best results for their clients. They never lose sight of putting their clients’ needs first and to position them in the best way possible for a successful outcome. Holding similar values, the team at CorpStrat, who are dedicated to delivering Kermisch & Paletz’s HR and risk management compliance needs.

Managing Growing Pains

Like many California-based businesses, Kermisch & Paletz LLP, was feeling the growing pains of a successful start-up business. Knowing that having a solid HR infrastructure and key staff to address employee and compliance issues would allow them time to focus on their business. In 2017, they made it a priority to seek outside HR support.

“The laws are changing in my own field, and when it comes to employment law its even more complicated,” said Jorge Velasco, Senior Partner at Kermisch and Paletz. CorpStrat HR is our go-to for all our HR needs.”

HR and risk management compliance were just the beginning. With CorpStrat HR, Kermisch and Paletz found a complete HR solution including payroll, employee benefits, HRIS system and much more.

“CorpStrat HR is the best value in town,” said Mary Lu, Partner. The service level far exceeds what we were getting before.”

Employee Relations

CorpStrat HR has become the key resource for all our HR related issues at Kermisch and Paletz. Whether its coaching an employee, guiding management on key issues, addressing an employee’s concern, or addressing new changes in the field of HR.

HR Compliance

CorpStrat HR provided relief to a sensitive HR matter they were not familiar with. The depth of experience in complex matters involving different personalities and view-points was a definite advantage.

Personalized Service

“We really enjoy working with our dedicated representative, Victoria. She is knowledgeable, proactive, responsive and the employees like her too.” A key differentiator with CorpStrat HR is you will find them working with the client side-by-side. The HR representatives truly become part of the company’s culture.

CorpStrat HR Value Proposition

Jorge and Mary now have peace of mind knowing they can reach out and have the guidance and expertise that CorpStrat HR offers. With CorpStrat HR you don’t have to spend time worrying about the nuances of HR, insurance, or payroll. Those are things you can outsource, and instead focus on what you love to do. For Kermisch and Paletz, it’s practicing law.

The Uncertainty of Googling HR Issues

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Why Googling HR Issues Is A Bad Idea:

In a recent conversation with a client, we spoke of employees having access to the internet. We both agreed that this can be a blessing or a curse depending on the day of the week in the HR world. Prior to working with CorpStart HR, this client said their company handled information on employment laws and other topics one of two ways:

Googling it themselves, or
Calling an attorney.

Calling their attorney was often a good experience. As a trusted advisor with extensive knowledge of their business, they knew they could trust the information being provided. At times this became cost prohibitive so they would Google the issue. This resulted in a mixed bag of opinions with a sprinkle of the law depending on the subject.

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Success and Preparation Go Hand In Hand

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What is the greatest exposure for most business owners? Failing to plan.

Lots of business owners wake up at 2:00 am, worried and fearful, unable to go back to sleep, because they are consumed with the challenges facing their business and their families: What happens if I get sick? What happens if I can’t meet overhead? If my largest client goes out of business? If something, happens to my partner, wife, child or a parent? How will I retire? Who will succeed my business? If my lead-sales person leaves? Do I have a backup plan? The list goes on and on, right??

It takes a lifetime to build a business and it takes a moment for it to fall apart. According to Success Harbor and the U.S. Census Bureau, 400,000 new businesses are started every year in the USA, but 470,000 are dying and around half of all businesses no longer exist after five years. Only one-third make it past their tenth anniversary

All it takes is an unexpected death, an unforeseen illness, or a key personnel departure. Business owners must understand the possibilities, prepare for the risks, and plan for their continuity and succession. Protecting the business means protecting the families that depend on your business. The financial stability is interconnected. We understand this because we live it ourselves.

Are You Prepared?

We don’t have to look far to see the challenges that business owners face. Entrepreneurs face these dilemmas each day and we see family members get sick, become dependents, consume assets and increase the pressure. Success and preparation go hand in hand, and things move quickly in the world these days.

As insurance brokers and advisors, we regularly council with professionals – asking the challenging questions, and provoking dialogues into uncomfortable spaces between wants, needs and priorities. We are the catalyst for business succession, key man retention, insurance planning, and retirement focus. We prompt referrals to our network of professionals and engage your advisors to help you identify and achieve your goals.

Something keeping you up at night, staring at the ceiling? Likely, it’s in our zone of comfort. Comment below or call and let’s have a conversation about the things and people you care most about.

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